The number of merchants listed as accepting Bitcoin payments globally went up nearly three-fold in 2023, according to data from Bitcoin merchant mapping provider BTC Map.
As per the latest data from BTC Map, the number of restaurants, bars, shops, and services listed to accept the digital asset hit 6,126 by the end of 2023, up from just 2,207 merchants at the start of the year.
This was a slight decline since the peak of 6,590 merchants in late September.
Shadowy Suppertaggers ftw. https://t.co/TO0prl431n
— ⚡ BTC Map ⚡ (@btcmap) January 7, 2024
BTC Map uses open-source mapping data from OpenStreetMap to allow businesses and users to tag places where people can pay with Bitcoin — meaning the increase could also be a function of users more diligently adding businesses to the database.
The map shows larger concentrations of BTC-accepting merchants in Central and South America and fewer across Africa and Asia. The United States and Europe also showed higher numbers of merchants accepting cryptocurrency.
Related: 85% of merchants see crypto payments as a way to reach new customers: Survey
The Philippines had the most merchants in Southeast Asia, and there were virtually none across China, India, and Russia, according to the map.
In November, Cointelegraph reported that many merchants accepting crypto assets simply sell them back to markets after receiving them.
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